25 Kopecks Administration of Economic Enterprises

VTsIK — the All-Ukrainian Central Executive Committee — operated a parallel economic administration that issued its own scrip during the chaotic transitional period before the 1924 Soviet currency reform unified the ruble system. These were not banknotes in any central bank sense; they were functional tokens of purchasing power within a controlled institutional sphere, issued to manage wage payments and internal transactions when hard currency was unavailable and sovznaki were collapsing in real value almost weekly.

The S-prefix in the Pick reference signals its classification as a local or semi-official issue. Surviving examples are genuinely uncommon — not because they were prestigious, but because nobody thought to keep them.